China Environmental Technology and Bioenergy Holdings Limited 中科生物控股有限公司
KPMG, Jacky Muk Chung Wing and Wong Sau Ling fined for non-compliance with professional standards
HKICPA, 11-May-2022
This was a pretty basic mistake on the 2015 audit of China Environmental Technology and Bioenergy (1237), which failed to correctly adjust EPS for a bonus issue and open offer. Ms Wong was also fined in Dec-2019 and Jun-2021, so this is her third sanction in under 3 years.
HKICPA, 11-May-2022
This was a pretty basic mistake on the 2015 audit of China Environmental Technology and Bioenergy (1237), which failed to correctly adjust EPS for a bonus issue and open offer. Ms Wong was also fined in Dec-2019 and Jun-2021, so this is her third sanction in under 3 years.
Merry Garden (1237): 1 for 100 bonus issue
Company announcement, 26-Mar-2015
"The Board believes that the Bonus Issue is a return to the support of the Shareholders." Is this board stupid? The issue does nothing but incur costs and create odd lots of shares. Cutting a pizza into more slices does not make it bigger. For a Cayman company, moving reserves from share premium to share capital also makes them non-distributable.
Company announcement, 26-Mar-2015
"The Board believes that the Bonus Issue is a return to the support of the Shareholders." Is this board stupid? The issue does nothing but incur costs and create odd lots of shares. Cutting a pizza into more slices does not make it bigger. For a Cayman company, moving reserves from share premium to share capital also makes them non-distributable.
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